The Next Wave – Wearable Technology

When consumers select a device, they also look for the aspect of human-touch in the apps that are part of the device. They would prefer to carry a device, which is packed with apps that will provide important services in an easy and convenient manner. Any app can offer personalized service only when it learns from how the consumer interacts with it. As the consumer keep engaging with the app, the app keeps improving its knowledge of what is important to the consumer and this enables it to give even more personalized service.

With the coming of wearable devices, there is a significant change in the kind of personalization that the app can provide to the consumer. This is because of the simple fact that now the device is much closer to the consumer, as he happens to be wearing it. The consumer does not have to access the device manually, the actions that he takes in normal course can become the input signal for the apps in the device. As the devices and the apps get smarter, they will be able to become a part of the wearer’s overall personality.

Companies like Intel are working on developing wearable technology that will change our lives in ways that we can barely imagine today. There will come a point of time when even the clothes that we wear are embedded with micro-devices, which can collect data and preform important services. According to most tech analysts, wearable technology is the future.

Various businesses are already gearing up to deal with the challenges and opportunities that wearable devices present.

Retail Sector
The retail industry uses the strategy of rewarding regular customers to ensure customer loyalty. The wearable devices can make it easier for the retail industry to quickly identify repeat customers or potential customers and reward them.

Insurance Industry
The data generated by wearable devices can be used by the insurers to improve health management, with the result that the healthcare of the consumer is managed more efficiently and at lower costs. The wearable devices can also lead to developed of a more practical life-cover cost for each unique individual, so that there is an outcomes-based reimbursement.

Healthcare Industry
Wearables can be used by pharmaceutical and life sciences companies to run more robust clinical trials, and by healthcare providers to capture data to support healthcare prescription.

Finance Sector
Misys, the leading financial software company, recently released a report that says that the banks need to work upon their strategies for taking advantage of the new opportunities that the wearable devices present. The rising popularity of the wearable devices means that the idea of “banking on the go” could soon have a new meaning.